Cobre Limited (ASX: CBE), a copper exploration and development company focused on the Kalahari Copper Belt (KCB) in Botswana, announced today that Sinomine International Exploration (Hong Kong) Co., Limited has become a substantial shareholder. Cobre has adopted a three-pronged approach to exploration and development in the KCB. The company completed the issue of 25,000,000 new fully paid ordinary shares to Sinomine for a cash consideration of A$1.5 million.
This investment marks the completion of Phase 1 of Sinomine’s investment in Cobre, as outlined in the Option Agreement between the parties. The company previously announced the details of this agreement on 2 September 2025. According to Cobre, the funds will be used to conduct a follow-up phase of targeted diamond drilling on Cobre’s Okavango Project (OCP) in the Kalahari Copper Belt of Botswana.
Adam Wooldridge, Cobre’s Chief Executive Officer, expressed enthusiasm about the completed transaction. He said the company looks forward to commencing the planned diamond drill program in the coming weeks. Wooldridge added that the program is a fantastic opportunity to target new copper-silver deposits along strike from neighbouring MMG.
Cobre stated that shareholders will be advised of further updates regarding the transaction as they become available. These updates will include Sinomine’s potential exercise of its option to invest an additional A$1.5 million into Cobre on the same terms, as well as Sinomine’s option to acquire a 70% interest in the project for A$7 million following Phase 1 exploration.